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Australia is set to benefit the most from economic growth in the Asian region, with India becoming one of Australia’s fastest growing export markets, according to Federal Treasurer Wayne Swan.
Speaking at the Australian India Business Council last week, Swan said that the rise of India among other emerging markets was continuing to shape G20 discussions. He said the G20 had seen the need for global growth with a focus on productivity.
“After the global stimulus, we also need to develop credible plans for fiscal consolidation, but in a way that does not choke off the economic recovery,” said Swan. He added that India was playing an important role in helping the G20 achieve the consolidation.
Swan noted that India’s economy had doubled in size in the last decade and was expected to contribute about 10 per cent of global growth each year to 2014, adding that it was Australia’s third largest export destination.
“Australia’s total exports to India have almost tripled in the last five years,” he said. “And the [International Monetary Fund] projects that by 2015 India will receive more than one-tenth of Australia’s merchandise exports.”
He noted that by 2014 emerging Asia was expected to account for over a quarter of the world’s output.
“Australia stands to benefit perhaps more than any other nation from the sustained economic growth of our dynamic region,” said Swan.
